Written on September 20, 2008
Residents of Missouri and surrounding states who have insurance policies with American International Group or one of its subsidiaries can rest assured that the companies will be able to pay claims, regulators said this week.
AIG and related companies write 5.31 percent of the property and casualty premiums in Missouri, 0.26 percent of accident and health premiums and 7.33 percent of life, annuity and deposit funds business in the state, according to figures released by the Missouri Department of Insurance, Financial Institutions and Professional Regulation.
Data from Illinois were not immediately available.
The Missouri department said it is working with federal and other states’ regulators to ensure that the insurance companies are solvent and able to pay claims.
Sandy Praeger, president of the National Association of Insurance Commissioners, said, "We have been actively participating and aiding the efforts to shore up the federally regulated portions of AIG that were under intense stress."
The problems at AIG were with the parent company, not with the 71 state-regulated insurance companies, Praeger said cash advances.
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